CySec imposes administrative fine of €20.000 to a CIF
The Cyprus Securities and Exchange Commission (‘CySEC’) has notified the public that has imposed an administrative fine of €20.000 to Banc de Binary Ltd for the infringement of the Law which provides for the provision of Investment services, the exercise of Investment activities, the operation of regulated markets and other related matters.
More specifically for violations of the following articles of the above Law:
1. €10,000 For violation of Article 6 (9) A CIF is prohibited from conducting any other business, beyond the services or/and activities stated in its authorisation, except if
(a) their exercise leads to or contributes to the achievement of the provision of all or some of the services or/and the performance of the activities, permitted by its authorisation; or
(b) it has received the Commission’s permission, which is granted, at its absolute discretion, in exceptional circumstances.
2. €10,000 For violation of Article 28 (1) A CIF must at all times comply with the conditions under which authorisation was granted as laid down in Part III of the Law. The company has not notified CySec its close relation with another company.